The Australian Financial Complaints Authority (AFCA) independently assists consumers and small businesses to make and resolve complaints about financial firms.   

The Banking Code of Practice is a comprehensive set of standards that govern how banks in Australia should conduct themselves in their interactions with customers. Developed by the Australian Banking Association (ABA), it outlines the rights and obligations of customers, staff, and businesses concerning banking services and products. Here are some key points about the Banking Code of Practice:

1. Guiding Principles: The Code sets forth principles that guide banks in their dealings. These principles cover transparency, fairness, and ethical conduct.

2. Applicability: The Code applies to various parties, including:

   • Customers: This includes individuals (both existing and prospective) and small businesses.

   • Guarantors: Individuals who provide guarantees to secure loans.

   • Banks: The financial institutions that have adopted the Code.

3. Covered Services: The Code applies to a wide range of banking services, including:

   • Bank accounts and term deposits

   • Credit cards, debit cards, and prepaid cards

   • Home loans and personal loans

   • Consumer credit insurance

   • Payment services

   • Foreign currency exchange services

   However, it does not apply to certain financial products and securities issued by banks.

4. Enforceability: For signatory banks, the Code forms part of their contractual obligations to customers. It is legally enforceable, allowing customers to rely on the promises made within the Code.

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